Essar Steel shareholders offer to pay Rs 54,389 cr to clear all dues of lenders
Shareholders of embattled Essar Steel Thursday offered to pay an aggregate of Rs 54,389 crore including Rs 47,507 crore upfront cash payment to clear all dues owned to lenders so that the company can be pulled out of insolvency proceedings.
The proposal was made as the Committee of Essar Steel Creditors voted on a takeover offer made by the world's largest steel maker ArcelorMittal. Image Source: Reuters